China’s largest real estate developer believes the country’s property market, a key driver for the economy, has turned and expects conditions to worsen in the coming months as sales prices volumes decline further.

China Vanke, the country’s biggest developer by market share, said government efforts during the past year to rein in soaring prices were having a severe impact and developers were being squeezed after sales volumes in 14 of the largest cities halved in September from a year earlier.

“We can see a trend of declining sales, especially in major cities,” Shirley Xiao, executive vice-president at China Vanke, said on a conference call with investors on Tuesday. “Prices have begun to decline little by little so we think even buyers who are able to buy will choose to wait because they’re targeting even lower price cuts.”